Can I Help? - Posted by Kip
Posted by Kip on December 14, 1999 at 23:26:09:
I have a friend is trying to sell his house in Victorville and is building another in Apple Valley, CA. He ows 119k and FMV is not much more than that. Values in this area have declined since about 1992 and there have been lots and lots of foreclosures. Recently real estate has stabilized here and is now starting to improve. The house is a 4bd 2ba about 8 years old. Very nice, in a good neighborhood. Is there any way I could help him by aquiring the house creativly? Mabe a short sale or buying the note from the lender at a discount or even a lease option? I have a rental near by so I know the area well. Do I need to find something with more equity for investing? By now you can tell I am a beginner and am dying to get my feet wet in CRE. Feel free to point out any missing info, it will help me know what to ask next time my friend and I talk.
Thanks in advance,